The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Abbott Laboratories COMMON 002824100 2,857 81,905 SH   SOLE   59,866 0 22,038
Aceto Corp COMMON 004446100 4,391 315,201 SH   SOLE   214,602 0 100,599
Activision Blizzard COMMON 00507V109 4,797 336,409 SH   SOLE   235,118 0 101,291
Aetna COMMON 00817Y108 6,258 98,482 SH   SOLE   74,580 0 23,902
Allstate COMMON 020002101 842 17,500 SH   SOLE   16,524 0 976
American Software COMMON 029683109 3,080 354,450 SH   SOLE   266,429 0 88,021
Ameriprise Financial COMMON 03076C106 7,745 95,758 SH   SOLE   72,690 0 23,068
Anworth Mortgage Asset Corp COMMON 037347101 1,249 222,953 SH   SOLE   191,505 0 31,448
Apache COMMON 037411105 4,208 50,196 SH   SOLE   36,712 0 13,484
Apple Computer COMMON 037833100 5,315 13,404 SH   SOLE   10,019 0 3,385
Archer-Daniels-Midland COMMON 039483102 6,437 189,832 SH   SOLE   144,339 0 45,493
Baker Hughes COMMON 057224107 4,211 91,277 SH   SOLE   64,269 0 27,008
Bank of NY Mellon Corp. COMMON 064058100 4,469 159,326 SH   SOLE   111,419 0 47,907
Barrick Gold COMMON 067901108 4,028 255,895 SH   SOLE   193,635 0 62,260
Baxter International COMMON 071813109 6,626 95,657 SH   SOLE   72,048 0 23,609
BB&T Corporation COMMON 054937107 4,857 143,358 SH   SOLE   110,502 0 32,856
Benchmark Electronics COMMON 08160h101 5,093 253,383 SH   SOLE   182,297 0 71,086
BHP Billiton COMMON 088606108 2,031 35,227 SH   SOLE   31,169 0 4,058
BioMed Realty COMMON 09063H107 5,704 281,965 SH   SOLE   213,234 0 68,731
Bristow Group Inc COMMON 110394103 7,394 113,197 SH   SOLE   82,436 0 30,761
Brocade Communications Systems COMMON 111621306 2,603 451,851 SH   SOLE   296,182 0 155,669
CA Inc. COMMON 12673P105 1,164 40,678 SH   SOLE   33,093 0 7,585
California Water Service COMMON 130788102 2,615 134,042 SH   SOLE   87,131 0 46,911
Capital One Financial COMMON 14040H105 4,311 68,638 SH   SOLE   48,185 0 20,453
Cardinal Health COMMON 14149Y108 804 17,032 SH   SOLE   15,095 0 1,937
Caterpillar COMMON 149123101 4,925 59,707 SH   SOLE   44,065 0 15,642
Celanese Corp COMMON 150870103 5,129 114,479 SH   SOLE   80,760 0 33,719
Chesapeake Energy COMMON 165167107 2,310 113,331 SH   SOLE   76,039 0 37,292
Cisco Systems COMMON 17275R102 6,827 280,527 SH   SOLE   198,063 0 82,463
Comcast Corp CL A COMMON 20030N101 7,260 173,904 SH   SOLE   127,480 0 46,424
Corning COMMON 219350105 4,674 328,489 SH   SOLE   261,467 0 67,022
Credit Suisse Group COMMON 225401108 3,674 138,855 SH   SOLE   98,984 0 39,871
CSX COMMON 126408103 621 26,789 SH   SOLE   22,484 0 4,305
Deere & Co. COMMON 244199105 5,180 63,756 SH   SOLE   47,053 0 16,703
Diamond Offshore COMMON 25271c102 4,178 60,732 SH   SOLE   45,170 0 15,562
Diodes COMMON 254543101 596 22,955 SH   SOLE   6,902 0 16,053
Direxion Daily Developed Markets Bull 3x ETF 25459W789 818 17,533 SH   SOLE   17,409 0 124
Direxion Daily Emerging Markets Bull 3x ETF 25459y686 829 35,428 SH   SOLE   35,157 0 271
Direxion Daily Mid Cap Bull 3X Shares ETF 25459W730 307 5,659 SH   SOLE   5,617 0 42
Direxion Daily Real Estate Bull 3x ETF 25459w755 323 7,269 SH   SOLE   7,228 0 41
Direxion Daily S&P 500 Bull 3X Shares ETF 25459W862 743 18,017 SH   SOLE   17,885 0 132
Direxion Daily Small Cap Bull 3X Shares ETF 25459W847 296 6,283 SH   SOLE   6,236 0 47
Disney, Walt COMMON 254687106 8,058 127,601 SH   SOLE   95,725 0 31,876
DuPont COMMON 263534109 2,752 52,417 SH   SOLE   40,481 0 11,936
Eaton Corp PLC COMMON G29183103 8,428 128,067 SH   SOLE   98,521 0 29,546
ENI SPA ADR COMMON 26874r108 2,227 54,260 SH   SOLE   45,597 0 8,663
Ensco PLC COMMON G3157S106 858 14,764 SH   SOLE   12,699 0 2,065
Ericsson COMMON 294821608 5,189 459,993 SH   SOLE   335,491 0 124,502
Exelon COMMON 30161N101 895 28,969 SH   SOLE   22,793 0 6,176
Exxon Mobil COMMON 30231G102 5,825 64,468 SH   SOLE   50,508 0 13,960
Foot Locker COMMON 344849104 1,802 51,306 SH   SOLE   38,840 0 12,466
Freeport McMoran Copper & Gold COMMON 35671D857 3,804 137,768 SH   SOLE   98,064 0 39,704
General Dynamics COMMON 369550108 5,024 64,140 SH   SOLE   46,843 0 17,297
Goldman Sachs Group COMMON 38141G104 2,787 18,428 SH   SOLE   12,220 0 6,208
Halliburton Co. COMMON 406216101 3,014 72,233 SH   SOLE   45,265 0 26,968
Hasbro COMMON 418056107 7,107 158,522 SH   SOLE   116,568 0 41,954
HSBC Holdings ADR COMMON 404280406 1,757 33,853 SH   SOLE   25,172 0 8,681
Ingram Micro COMMON 457153104 3,162 166,515 SH   SOLE   107,497 0 59,018
Intel COMMON 458140100 6,031 248,912 SH   SOLE   183,871 0 65,041
Int'l Business Machines COMMON 459200101 6,260 32,758 SH   SOLE   24,509 0 8,249
IshareS MSCI Brazil Index Fund ETF 464286400 5,463 124,564 SH   SOLE   120,025 0 4,539
iShares Barclays MBS Bond Fund ETF 464288588 27,503 261,365 SH   SOLE   256,461 0 4,904
iShares Barclays TIPS Bond Fund ETF 464287176 1,130 10,093 SH   SOLE   10,093 0 0
iShares Emerging Markets High Yield Bond Fund ETF 464286285 13,009 260,178 SH   SOLE   254,497 0 5,681
iShares Gold Trust ETF 464285105 1,318 109,904 SH   SOLE   109,078 0 826
iShares JPMorgan Emerging Market Bond Fund ETF 464288281 12,777 116,652 SH   SOLE   113,934 0 2,718
iShares MSCI Hong Kong Index Fund ETF 464286871 5,455 297,664 SH   SOLE   286,609 0 11,055
Ishares MSCI India Index Fund ETF 46429B598 5,455 232,318 SH   SOLE   223,574 0 8,744
iShares MSCI Korea Index Fund ETF 464286772 5,463 102,691 SH   SOLE   98,808 0 3,883
iShares MSCI Peru Cap ETF 464289842 5,368 157,282 SH   SOLE   151,341 0 5,941
iShares Russell 2000 Index Fund ETF 464287655 339 3,490 SH   SOLE   3,490 0 0
iShares Russell 2000 Value Index Fund ETF 464287630 322 3,750 SH   SOLE   3,750 0 0
iShares U.S. Floating Rate Note < 5 Years ETF 46429B655 27,881 551,002 SH   SOLE   540,816 0 10,186
JP Morgan Chase COMMON 46625H100 7,253 137,389 SH   SOLE   102,921 0 34,467
Keycorp COMMON 493267108 1,074 97,308 SH   SOLE   88,490 0 8,818
KLA-Tencor COMMON 482480100 4,111 73,762 SH   SOLE   53,880 0 19,882
Kohl's COMMON 500255104 4,385 86,815 SH   SOLE   60,467 0 26,348
Lexmark International COMMON 529771107 4,000 130,859 SH   SOLE   110,702 0 20,157
Lockheed Martin COMMON 539830109 6,769 62,414 SH   SOLE   46,145 0 16,269
Manpower Inc. COMMON 56418H100 6,646 121,268 SH   SOLE   90,538 0 30,730
Marathon Oil COMMON 565849106 5,314 153,677 SH   SOLE   119,583 0 34,094
Market Vectors Emerging Markets High Yield Bond ETF 57061R403 12,358 491,174 SH   SOLE   479,578 0 11,596
Market Vectors Emerging Markets Local Currency Bond ETF 57060u522 12,407 511,425 SH   SOLE   499,298 0 12,127
Market Vectors Gold Miners ETF ETF 57060U100 1,553 63,427 SH   SOLE   60,505 0 2,922
Market Vectors International High Yield Bond ETF ETF 57061R205 13,916 535,022 SH   SOLE   523,030 0 11,992
Market Vectors Russia ETF ETF 57060u506 5,682 225,667 SH   SOLE   217,254 0 8,413
Marvell Tech COMMON g5876h105 3,269 279,187 SH   SOLE   180,787 0 98,400
McKesson COMMON 58155Q103 6,648 58,064 SH   SOLE   43,566 0 14,498
MDC Holdings COMMON 552676108 6,178 190,032 SH   SOLE   143,218 0 46,814
Medtronic COMMON 585055106 836 16,237 SH   SOLE   14,797 0 1,440
Merck & Co. COMMON 58933Y105 1,514 32,599 SH   SOLE   28,566 0 4,033
Metlife COMMON 59156r108 4,190 91,554 SH   SOLE   68,053 0 23,501
Microchip Tech COMMON 595017104 3,201 85,933 SH   SOLE   68,232 0 17,701
Microsoft COMMON 594918104 7,336 212,361 SH   SOLE   164,431 0 47,930
Nash Finch Company COMMON 631158102 1,828 83,052 SH   SOLE   62,524 0 20,528
Navios Maritime Holdings Inc. COMMON Y62196103 6,652 1,187,894 SH   SOLE   892,039 0 295,855
New York Community COMMON 649445103 1,409 100,613 SH   SOLE   82,188 0 18,425
Newmont Mining Corp Holding Co. COMMON 651639106 805 26,862 SH   SOLE   20,532 0 6,330
Nippon Telegraph and Telephone COMMON 654624105 5,528 212,527 SH   SOLE   151,321 0 61,206
Norfolk Southern COMMON 655844108 6,489 89,315 SH   SOLE   65,818 0 23,497
Novartis COMMON 66987V109 5,901 83,461 SH   SOLE   64,483 0 18,978
Nvidia COMMON 67066G104 4,376 311,681 SH   SOLE   220,728 0 90,953
Pepsico COMMON 713448108 1,800 22,011 SH   SOLE   16,616 0 5,395
PetMed Express COMMON 716382106 1,494 118,562 SH   SOLE   98,490 0 20,072
Pfizer COMMON 717081103 969 34,603 SH   SOLE   27,520 0 7,083
PIMCO 0-5 Year High Yield Corporate Bond Fund ETF 72201R783 25,122 244,683 SH   SOLE   238,751 0 5,932
PNC Bank COMMON 693475105 4,046 55,488 SH   SOLE   39,131 0 16,357
Portugal Telecom Spons ADR COMMON 737273102 4,632 1,178,578 SH   SOLE   873,382 0 305,196
ProShares Short 20 plus Year Treasury ETF 74347X849 208 6,625 SH   SOLE   0 0 6,625
Protective Life COMMON 743674103 8,170 212,698 SH   SOLE   158,493 0 54,205
Prudential COMMON 744320102 6,085 83,328 SH   SOLE   60,396 0 22,932
Raytheon Co. COMMON 755111507 1,421 21,497 SH   SOLE   19,020 0 2,477
Royal Caribbean Cruises COMMON v7780t103 5,365 160,917 SH   SOLE   111,000 0 49,917
Royal Dutch Shell Group A COMMON 780259206 3,221 50,483 SH   SOLE   34,999 0 15,484
Seagate Tech COMMON g7945m107 8,822 196,782 SH   SOLE   150,098 0 46,684
Ship Finance Int'l COMMON G81075106 2,985 201,139 SH   SOLE   159,402 0 41,737
SPDR Barclays High Yield Bond Fund ETF 78464a417 7,159 181,276 SH   SOLE   178,660 0 2,616
St. Jude Medical COMMON 790849103 4,854 106,386 SH   SOLE   74,740 0 31,646
Staples COMMON 855030102 5,421 341,602 SH   SOLE   247,862 0 93,740
Timken Company COMMON 887389104 2,374 42,187 SH   SOLE   25,852 0 16,335
Titan International COMMON 88830M102 4,561 270,355 SH   SOLE   189,507 0 80,848
Total SA ADR COMMON 89151e109 2,872 58,964 SH   SOLE   49,020 0 9,944
Tsakos Energy COMMON G9108L108 1,155 242,194 SH   SOLE   164,827 0 77,367
Tutor Perini Corp COMMON 901109108 4,145 229,147 SH   SOLE   162,515 0 66,632
Tyson Foods COMMON 902494103 7,023 273,468 SH   SOLE   199,529 0 73,939
U R S COMMON 903236107 3,740 79,203 SH   SOLE   49,342 0 29,861
United Online COMMON 911268100 4,394 579,650 SH   SOLE   393,895 0 185,755
UnitedHealth Group, Inc COMMON 91324p102 3,251 49,642 SH   SOLE   35,707 0 13,935
Vanguard Intermediate Term Corporate Bond Fund ETF 92206c870 25,665 309,173 SH   SOLE   301,984 0 7,189
Vanguard Long-Term Corporate Bond Fund ETF 92206c813 1,172 14,134 SH   SOLE   14,038 0 96
Vanguard Short-Term Bond ETF 921937827 20,593 257,189 SH   SOLE   251,094 0 6,095
Vanguard Short-Term Corporate Bond Fund ETF 92206c409 20,304 256,689 SH   SOLE   251,515 0 5,174
Walgreen COMMON 931422109 6,757 152,877 SH   SOLE   112,128 0 40,749
Wal-Mart Stores COMMON 931142103 5,129 68,858 SH   SOLE   51,295 0 17,563
Waste Management COMMON 94106L109 6,437 159,615 SH   SOLE   119,406 0 40,209
Wells Fargo & Co. COMMON 949746101 4,661 112,946 SH   SOLE   85,850 0 27,096
Western Digital COMMON 958102105 1,346 21,680 SH   SOLE   11,763 0 9,917
Whirpool COMMON 963320106 7,065 61,775 SH   SOLE   45,011 0 16,764
Xyratex COMMON G98268108 3,879 385,601 SH   SOLE   258,065 0 127,536
Yamana Gold COMMON 98462Y100 2,881 302,978 SH   SOLE   229,298 0 73,680